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Deals & Dealmakers

SELLING POINTS: Benchmark sells Village retail condo for $25M; Thor bolsters Soho store portfolio

●BENCHMARK REAL ESTATE
Benchmark sells Village retail condo for $25M

Benchmark Real Estate Group has sold a retail condo at 55 Third Avenue for nearly $25 million, according to city records.
“It was an opportune time to sell the retail condominium due to the market and our ability to drastically reduce our basis for the residential apartments upstairs,” Jordan Vogel, principal at Benchmark said.

JORDAN VOGEL
JORDAN VOGEL

“We have a fully renovated, fair market building now with a sub-$600 per s/f basis.”
City records indicate that the buyer of the East Village condo is 452 Amsterdam Ave Trevi LLC. No-one from Trevi Retail was available for comment by press time.
Benchmark bought 55 Third Avenue for $57 million in December 2013 and re-tooled the mixed-use building. It now contains over 50 residential units and 10,500 s/f of retail space.

THOR EQUITIES
Thor bolsters Soho store portfolio

Thor Equities continues to expand its SoHo portfolio with the acquisition of the retail portion of 37-39 Greene Street for $12 million, company executives announced.
The property features 3,500 s/f of retail space currently occupied by Kartell, an Italian design company.
“As demand for SoHo retail space continues to soar, we remain very bullish on the future of the market in this neighborhood,” said Joseph Sitt, CEO of Thor Equities.
“Greene Street has become one of the most dynamic shopping corridors in Manhattan, and we are excited to add this first-class property to our expansive portfolio.”

●ROSEWOOD REALTY GROUP
Abro makes $60M East VIllage investment

Abro Management has purchased a 92,000 s/f East Village rental building known as Hudson East for $60 million.
Rosewood Realty Group’s Aaron Jungreis and Devin Cohen represented Abro, a Long Island-based property management firm led by Richard Scharf.The seller was Philmore East Village.
The Hudson Cos., a development firm led by David Kramer and William Fowler, originally built the six-story, 86-unit property at 223-237 East 6th Street in 1997.
They bought the site out of bankruptcy in 1994 and sold off an adjacent four-story former home of the rock club, the Fillmore East Theater.
Rents at the building now range from $4,950 to $6,300 per month. The 191 ft. wide property is part of the city’s 80/20 housing program.
It took Jungreis and Cohen five days to move the deal into contract when the sellers decided to put it on the market.
Jungreis said Abro is planning a long-term hold.

● FOUR WINDS REAL ESTATE JV
Partners pocket $10 million on LES investment

A partnership of two joint ventures that purchased Gotham Court (152 Ludlow St. and 149-151 Essex St.) on Manhattan’s Lower East Side for $19.1 million in 2013 has sold the properties for $29.1 million.
The principals of one joint venture include Nathan Halegua and Josh Halegua of Jonis Realty, and Martin D. Newman, an independent real estate investor.
The principals of the other joint venture are David Schneiderman and Joshua Landau of Four Winds Real Estate.
A JLL team of Glenn Tolchin, Yoav Oelsner, Anthony Ledesma, Jason Gold and Richard Baxter represented the partnership in the sale, along with Eric Hoberman, Esq. of law firm Kriss & Feurstein LLP.
The purchaser was HUBB, NYC.
Gotham Court, built in 2004, is situated across from the Essex Crossing mixed-use development. 152 Ludlow Street is a five-story walk-up with two duplex rentals and a retail space occupied by the music venue, Cake Shop.
149-151 Essex Street is a seven-story elevator building with 20 rental units and two retail spaces, which are occupied by two tenants, including the restaurant Tijuana Picnic.
After purchasing the properties in 2013, the sellers renovated a number of apartments at the two properties, and leased a vacant retail space to Tijuana Picnic.
“This was a rare opportunity to acquire a sizable footprint in the dynamic Lower East Side neighborhood of New York City,” said Schneiderman, the co-founder and managing principal of Four Winds Real Estate. “Since the acquisition in 2013, the Lower East Side has continued its transformation into the cultural epicenter of New York City.”

●CUSHMAN & WAKEFIELD
Next new Jersey City neighborhood for sale

GGGGGGGGGGG
The 95-acre Bayfront site is for sale

A 95-acre land parcel on Jersey City’s West Side is coming to market, and Cushman & Wakefield’s Metropolitan Area Capital Markets Group has been retained as the exclusive agent for its sale.
The fully zoned and master planned site on the eastern shore of the Hackensack River is assembled and ready for transit-oriented, mixed-use redevelopment.
Known as Bayfront and located in Jersey City’s 1,344-acre Bayside Development Zone, the property will incorporate new housing, office and retail uses with public waterfront access and more than 20 acres of open space.
“This is an incredible opportunity for an investor to secure the largest development site left within New Jersey’s next Gold Coast market, where developable land is highly sought after and limited opportunities remain,” said David Bernhaut, who is heading the assignment with Andrew Merin, Gary Gabriel, Brian Whitmer, Leslie Smith, and Ryan Dowd.
“Adding to the site’s rarity and appeal is its location in one of the fastest-growing and most dynamic cities in the Northeast,” Bernhaut added. “Jersey City has seen explosive expansion, and its West Side is set to become the next great neighborhood for living, working, shopping and dining.”
Bayfront is the result of an agreement between the City of Jersey City and Honeywell, a Fortune 100 technology company that owns Bayfront LLC.
“The Bayfront redevelopment plan sets in motion the next chapter of a key section of Jersey City’s West Side,” said Jersey City Mayor Steven M. Fulop.

●HFF
Medics make $22M office investment

Holliday Fenoglio Fowle has closed the sale of a two-property medical office and office building portfolio totaling 128,000 s/f in Morristown, NJ.
HFF’s Jose Cruz, Kevin O’Hearn and Robert Borny marketed 55 Madison and 101 Madison Avenue on behalf of the sellers, a joint venture of Ivy Realty and CenterSquare Investment Management.
Atlantic Health System, represented by Colliers International, purchased both buildings for $22.5 million free and clear of any existing debt.
55 and 105 Madison Avenue are located across from the Morristown Memorial Hospital about two miles from downtown Morristown and the Morristown train station, which provides access to New York’s Penn Station 25 miles to the east.
Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories.
The Colliers International team of Jacklene Chesler, Bryn Cinque and James Bailey exclusively represented AHS.
“The company’s expansion to these buildings will provide ample space for growth as they look to accommodate their operational needs,” said Chesler said.

● ACADIA REALTY / WASHINGTON SQUARE
Extell to build City Point tower

Extell has paid $115.5 million for the remaining residential development rights at City Point, the 1.9 million square foot, mixed-use development in Downtown Brooklyn.
Co-developers Acadia Realty Trust and Washington Square Partners, announced the sale averages about $217 per buildable square foot.

Rendering of City Point by CookFox
Rendering of City Point by CookFox

City Point’s Phase 3, a 21,500 s/f parcel, is Extell’s first residential development in Brooklyn. The company will build a 665,000 s/f tower which will be divided into 600,000 s/f of residential and 65,000 s/f of commercial use at the base of the building.
Acadia and Washington Square will retain the commercial portion of the development.
“We are looking forward to working with Gary Barnett and his talented team at Extell as we move forward with our partners at Washington Square Partners on Phase 3,” said Kenneth Bernstein, president and CEO of Acadia.
“Upon completion of construction, Extell’s acquisition of Phase 3 will reflect the culmination of City Point’s development plan and serves as the capstone to working with the City of New York and the New York City Economic Development Corporation in executing New York City’s 2004 Downtown Brooklyn Plan.”
Extell’s tower will be located on Willoughby Street between Gold Street and Flatbush Avenue Extension, joining BFC Partners’ and Acadia/Washington Square Partners’ 250-unit mixed income, rental development (7 DeKalb Avenue) and the Brodsky Organization’s 430-unit luxury, rental tower (City Tower).
Phase 3’s commercial base will connect directly with the rest of the project’s commercial base.
“We are thrilled to be entering the Brooklyn market,” said Gary Barnett, president of Extell Development Company. “With City Point leading its transformation, Downtown Brooklyn has emerged as one of the strongest neighborhoods in the borough. We believe that an Extell building with high caliber design and amenities will be very well received.”
Construction is slated to commence in 2017 with an anticipated completion date of 2020.

● CBRE GROUP, INC.
Marcus Partners sells CT office building

CBRE Group, Inc. announced that Jeffrey Dunne and Steven Bardsley, of CBRE’s Institutional Properties team, negotiated the $16,730,000 sale of 6 Armstrong Road, Shelton, Connecticut on behalf of an entity controlled by Marcus Partners, Inc.
The team was also responsible for procuring the buyer, New York based Windsor Management Corp.
6 Armstrong is an 87 percent leased, 163,287 s/f Class A office building located between Exits 11 and 12 off Route 8.
A $2.2 million capital investment program was recently completed at the property which drove occupancy from 50 to 87 percent in 12 months.
Dunne commented: “6 Armstrong’s stable in-place tenancy coupled with its recent capital program should provide Windsor Management Corp with the platform to continue its lease up program, while benefiting from dependable income.”

●CBRE GROUP, INC
LIC development opportunity

The CBRE Outer Boroughs team of John Reinertsen and Joshua Kleinberg have been retained as the exclusive agents to market a multi-story commercial loft building in Long Island City.
The 54,000 s/f property at 47-01 Van Dam Street provides potential investors with the option of maintaining the asset as office space, converting it to a hotel, or redeveloping it for other uses.

Van Dam Street
Van Dam Street

Situated between 47th and 48th Avenues on Van Dam Street, the three-story property has 15 ft. ceiling heights, passenger and freight elevators, windows on all four sides and highly visible street frontage.
Formerly serving as a printing building, 47-01 Van Dam Street is one block from a subway station and close to the Long Island Expressway and the Queensboro Bridge.
CBRE Outer Boroughs office is also acting as a leasing agent for 21-21 41st Avenue and 22-19 41st Avenue, two loft buildings totaling, 85,000 s/f and 120,000 s/f, respectively.
The diversity of these properties has attracted a variety of tenants from such industries as technology, office, distribution and the arts.
“The complete transformation of the neighborhood, coupled with a continued rise in Manhattan rental rates, has resulted in increased demand for quality assets and office space in LIC,” Kleinberg said.

● CUSHMAN & WAKEFIELD
Cushman team marketing billionaires building site

Cushman & Wakefield has been retained by The World Wide Group to arrange the sale of a development site at 143-161 East 60th Street.
The site features 200 feet of street frontage between Lexington and Third Avenues bordering Midtown’s Plaza District and the Upper East Side.
There is no formal asking price for the property.

The site could hold the tallest tower in the city
The site could hold the one of the tallest towers in the city

The assemblage, consisting of six contiguous low-rise buildings that sit on approximately 19,685 s/f of land, is located directly across from the Bloomingdale’s flagship store and contains roughly 282,925 buildable square feet above grade.
Zoning allows for a base FAR of 10.0 on a residential or commercial basis with an additional 2.0 FAR of strictly residential rights permitted through the Inclusionary Housing Program, which
have already been transferred to the site and are included in the sale.
The seller, The World Wide Group, completed the property assemblage in 2014.
“World Wide Group has invested more than a decade assembling and preparing this world class development,” said David Lowenfeld, CEO of The World Wide Group.
“The assemblage is located in one of the most prominent neighborhoods in Manhattan – if not the world – and we look forward to turning it over to a new owner who will lead the development in its next stage of value realization.”
Adjacent to Billionaire’s Row, the site provides prospective developers the opportunity to construct a residential and commercial development that could become one of the city’s tallest structures.
“This is a world-class site upon which something very special will be developed. I am sure we will have interest from developers from every corner of the globe,” said Cushman & Wakefield’s Bob Knakal, Chairman, New York Investment Sales, who is exclusively marketing this assemblage with Clint Olsen and Helen Hwang.

● MARCUS & MILLICHAP
Net-leased bank site sold

Marcus & Millichap arranged the sale of a 4,467 s/f single-tenant, net-leased Bank of America branch near Long Island’s North Shore in Syosset.
The $12 million sales price equates to $2,686 per square foot.
Scott Plasky in Marcus & Millichap’s Manhattan office represented the seller, a private investor.
“Net-leased assets of this quality in the affluent parts of Nassau County rarely trade hands,” said Plasky.
“The offering’s combination of zero management, great location, A-rated-tenant, lease with 16 years remaining, and bank with huge deposits generated strong activity and a premium price.”
The property is located on the corner of Jericho Turnpike and Oyster Bay Road at 378 Jericho Turnpike in Syosset. The building is on a 28,433 s/f corner lot with a double drive-thru and parking for 48 cars.

● VISION REAL ESTATE
Shopping center scooped up

Vision Real Estate Partners has acquired 55-75 Mayhill Street, a neighborhood shopping center comprised of two buildings, totaling 119,000 s/f in Saddle Brook, announced Sam Morreale, founder and managing partner.
The 12-acre site is anchored by a 62,000 s/f A&P supermarket and is approved for an additional 12,000 s/f of retail space.
The site has 45,000 s/f of near-term availability, which can be leased as a single unit or divided into multiple units.
Vision Real Estate and the seller were represented in the transaction by Jose Cruz of Holliday Fenoglio Fowler (HFF).
HFF’s Jon Mikula worked on behalf of Vision Real Estate Partners to secure acquisition financing through Oritani Bank.

● HFF
Woodside assemblage a growth opportunity

Holliday Fenoglio Fowler is marketing the Woodside Green Development Project, an approximate 296,000-maximum-buildable-square-foot development site in Woodside, Queens.
The site is comprised of four parcels currently improved with three commercial structures totaling 53,210 s/f on Queens Boulevard, a 7,966 s/f apartment building on 45th Avenue and a 3,018 s/f vacant residential house on 45th Avenue.
The assemblage comprises the majority of the block and is a short walk from the Jackson Heights – Roosevelt Avenue subway station.

ERIC ANTON
ERIC ANTON

The HFF investment sales team representing the seller is led by senior managing director Eric Anton, managing director Rob Hinckley, and associate director Steven Rutman.
“Woodside Queens is experiencing dynamic growth from new residents relocating from Manhattan and Brooklyn to take advantage of the larger apartment spaces and terrific commuting options to Midtown’s commercial district,” said Anton.

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